Mona Liza, the controller of Shield Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are her findings:

Type of Asset

Building Warehouse

Date Acquired

Jan. 1, 2009 Jan. 1, 2012

Accumulated Depreciation, Jan. 1, 2017

$516,000 46,000

Useful Life

(in Years)

Old Proposed

40 50 25 20

Salvage Value

Cost

$2,700,000 240,000

Old $120,000

10,000

Proposed $84,000 8,000

All assets are depreciated by the straight-line method. Shield Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Mona's proposed changes. (The "Proposed" useful life is total life, not remaining life.)

Required

a) Compute the revised annual depreciation on each asset at December 31, 2020

b) Record depreciation on the building and warehouse on December 31, 2020

Mona Liza, the controller of Shield Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are her findings: Type of Asset Date Acquired Cost Accumulated Depreciation, Jan. 1. 2017 $516,000 46,000 Useful Life (in Years) Old Proposed 40 50 25 20 Building Warehouse Jan 1, 2009 Jan. 1, 2012 $2,700,000 240,000 Salvage Value Old Proposed $120,000 $84,000 10,000 8,000 All assets are depreciated by the straight-line method. Shield Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Mona's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Required a) Compute the revised annual depreciation on each asset at December 31, 2020 Record depreciation on the building and warehouse on December 31, 2020 b)